List the various use of IT in a banking system
Answers
Answer:
IT Information technology is any computer based tool that people use to work with information and support the information and information-processing needs of an organization. So IT use in a cell phone or PDA that you might use to obtain sock quotes, your home computer that you use to write term papers, large that business use to connect to one another, and the internet that almost one in every six people in the world currently uses.
Benefits of Information Technology
· Operational excellence
The use technology for efficiency doing things Wright in the least amount of time, with the fewest number of errors, and son on.
· Major Business Initiatives
The use of technology to support initiatives such as customer relationship management, enterprises resources planning, sales for automation, and supply change management.
· Supply change management (SCM)
An IT system that supports supply chain management activities by automating the tracking of inventory and information among business processes and across companies.
· Customer relationship management (CRM)
CRM consists of the processes a company uses to track and organize its contacts with its current and prospective customers. CRM software is used to support these processes; information about customers and customer interactions can be entered, stored and accessed by employees in different company departments.
· Sales force automation (SFA) system
Automatically tracks all the steps in the sales process
Business intelligence (BI)
The knowledge about your customers, your competitors, your business partners, your competitive environment, and your own internal operations – that gives you the ability to make effective, important, and often strategic business decisions.
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Answer:
Information technology in banking sector refers to the use of sophisticated information and communication technologies together with computer science to enable banks to offer better services to its customers in a secure, reliable and affordable manner and sustain competitive advantage over other banks.